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Aman,
Addressing your questions :
yes, graduation matters but ideally one should graduate in the subject of one's choice.It is okyeah if you want to do a PG course in BMM but you should check the eligibility criteria for aPG course and whetehr they would accept students from B.Com background.wasting a year is better than wasting three years in doing something that you do not enjoy at all but without a confirmed admission in BMM you should not drop out of B.Com.
Before switching from B.Com to BMM or before even thinking about 'wasting a year' ,you should consider a few important questions:
-Why do you want to switch?
-Is there any logical reason,which makes you think that you are more suitable for BMM? (For example:have you taken any written test or seen the entrance exam paper to measure the level of ? your communication and writing skills?)
-Have you researched the career/job prospects of both the courses especially for BMM?
-Have you checked whether you meet the eligibility criteria for BMM course?
-Have you thought about the kind of job you want to do after you finish the course?
Please understand that it is advisable to think through the entire process before taking any step.
God Bless!

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Its a National level aptitude test which measures potential rather than attainment. It does not evaluate ability to remember formulae as all formulae are provided in the question paper (to emulate real world situation where in an employee always has access to Google.com)
Pioneered and till date the only test in the world to implement Rational Negative marking. There is no negative marking for 25% wrong answers out total of attempted. e.g.: If you attempt 16 questions you will NOT be penalized till 4 incorrect answers. After that negative marking varies between 25% to 50% in accordance with increase in incorrect answers. present jobs. com This ensures that pure guess maker do not get high marks. Also, closeness to correct option results in less penalization.
Score Validity of 2 years.
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Hi,
A student cannot migrate from a Pass course to Honors course but can migrate from an Honors course to a Pass course.
Migration is only a permissive facility at DU and not an obligatory one.
Each migration is subject to the approval of the Academic Council of the University on individual merits of each case.
No Inter-University migration is allowed to II or III year B.Sc. (Hons) Courses.
Migration is generally not allowed in any of the Honors courses by the University of Delhi. However, in case of exceptionally meritorious students the same can be considered within the span of five years from the date of admission at the University. Such admissions / transfers are subject to approval of the Academic Council of the University on individual merit of each case.
For more, you can speak to the officials directly.
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Selection process
The selection to SPJIMR is purely on merit basis; your relative performance in each of the given criteria will be used for the purpose of selection. The criteria used are given below
Consistency of Academics
Versatility and Achievement
Leadership Qualities
Value for Values
Relevant Work Experience, if any
Interview Scores
Test Scores (CAT/XAT/GMAT)
SPJIMR gives two types of calls- Profile-based and Score-based. Profile-based calls are based on the academic consistency, relevant work experience in the chosen specialization (pl. note: Experience is not a pre-requisite for selection to any discipline), versatility and achievement. Profile based calls are typically released few days before the CAT results. All profile based call candidates must attain a minimum test score as per the cut-offs mentioned in the table below. Score-based calls are given after the test results are declared. Kindly note that even in case of score-based calls, the candidates profile is taken into consideration.
Criteria for short-listing candidates for Group Interview
Consistently good Academic Performance
Relevant Work Experience
Versatility and Achievements
Test Scores
Attributes for evaluation during the Group Interview
Conceptual Knowledge
Versatility and Achievements
Leadership Qualities
Value for Values
Personality
Eligibility
Minimum 3 years of Bachelor's degree in any discipline from a recognized University in India or abroad.